Transamerica 401k loan request form 2025

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When done for the right reasons, taking a short-term 401(k) loan and paying it back on schedule isnt necessarily a bad idea. Reasons to borrow from your 401(k) include speed and convenience, repayment flexibility, cost advantage, and potential benefits to your retirement savings in a down market.
A loan application form is used to collect essential financial information from applicants and document loan terms for assessing eligibility and making informed decisions.
If they do offer general purpose loans, you can initiate your request either online through your personal 401k account (most investment platforms have this capability these days) or you can request a form from your employer. You can request up to 50% of your vested account balance up to a maximum of $50000.
Can I withdraw money from Transamerica? You can apply for an in-service withdrawal by calling Transamerica at 800-755-5801 and requesting a withdrawal form.
Steps to get a 401(k) loan Talk to your employer. Consider the terms. Complete the required paperwork. Receive the funds. Make regular payments on the loan. Continue regular 401(k) contributions.
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Repayment periods Generally, the employee must repay a plan loan within five years and must make payments at least quarterly. The law provides an exception to the 5-year requirement if the employee uses the loan to purchase a primary residence.

transamerica loan request form